Australia Building Approvals for March jump 17.4% m/m
- expected +3.0% m/m, prior +21.6%
Check out the 'prior' .... +21.6%! And today's number is +17.4%. There is a huge rise in housing to be built in the pipeline. Long may it continue! More supply just might impact on prices (stop them skyrocketing) ... although monetary policy remaining so loose is a huge tailwind.
Approvals y/y are +47%.
The construction sector is set to remain very busy indeed.
- Private sector dwellings excluding houses rose 63.6% (ie. this is multi-unit building, apartments and such).
- private sector houses rose 0.1%, in seasonally adjusted terms.T
- seasonally adjusted estimate for the value of non-residential building approved rose 59.4%